Advanta Mortgage Conduit Services Inc. priced a $500 million floating-rate mortgage loan securitization last week.

The loan trust consists of adjustable-rate mortgage loans and is structured as a pass-through wrapped by MBIA Insurance Corp., the company said. The pass-through yield on the floating-rate certificates will be 23 basis points over one-month Libor, the company said.

The company, a subsidiary of Advanta Corp., said the transaction is expected to close Sept. 23. Salomon Smith Barney is the lead underwriter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.